Home prices in Phoenix are a bargain, but for how much longer?
Phoenix is not the kind of place that publishes happy home reports. That’s why everyone pays attention to the news about a positive housing market in Phoenix. In June of last year, Phoenix saw the busiest resale movement in six years. Helped increase total property sales. In June alone, there were more than 10,500 existing and new home sales, including condominium units, in the Maricopa and Pinal counties metro areas. The figures were 8.3 percent from May and 1.5 percent from June. Beginning in 1994, sales have increased 1.8 percent on average in those months.
How long will this rosy picture of Phoenix properties last? The future looks bright, so far. But even when no one knows. What is certain as of now is that Phoenix real estate investors are taking advantage of the boom, whether it is in the market for new homes, condo units or second homes in Phoenix.
Should buyers wait a little longer?
The news is mixed as far as prices are concerned. In June, buyers in the Phoenix area paid an average of $122,900 for all resale and new home or condo units. This is 2.4 percent more than the previous month, 12 percent less than last June. This seems to support the argument that buyers should wait a bit longer before making a purchase. One sobering fact, however, is that Phoenix’s June average was about 54 percent lower than the peak of $264,000 in June 2006. It was a time when home buyers were willing to pay any price for a home. House.
As everyone predicted, forced sales played a big role in the data surge, as investors and buyers, including from abroad, rushed to snap up deeply discounted properties. It was a good time for both the buyer and the Phoenix real estate agent. What are distressed sales? They are short sales and foreclosure resales that comprise 64 percent of the resale market in Phoenix.
First Time Buyers Left Behind
The share of purchased Phoenix real estate investments has fallen since early last year, but has risen since last June. The share of cash buyers showed the same trend, at 41 percent last June. Continuing to lag behind are first-time buyers, with small down payment mortgages backed by the Federal Housing Administration. But despite reports of struggling sales, there’s a strong chance of a slight rise in prices, though falling inventory seemed to be a factor: June was 11 percent lower in Phoenix than May. Foreclosure filings in Phoenix and other cities are also falling. This is due to market saturation or some legal problems. However, this could change. All Phoenix brokers say competition is increasing for distressed deals.
Buying a home in Phoenix is easy
Whatever the future holds for the Phoenix real estate industry, buyers need tips to make it easier for them to choose the vacation home of their dreams.
Think about how you will benefit from the new house. What is the reason you want to buy a home in Phoenix? Is it for family use only? Do you plan to rent it on the days you are not using it? Do you want a villa type or one with a modern design that reflects your personality? While you can purchase property in Phoenix yourself, you will save a lot of time and effort by hiring a real estate agent due to the dynamic real estate trends in Phoenix. A real estate agent knows the ins and outs of the real estate business. She knows where to go and who to approach. She can also help you find prices that are within your budget.